Private Equity Firms in Mumbai

Aakash Emprise is an investment firm dedicated to cultivating success by supporting and growing impactful businesses. The firm provides both capital investments and strategic guidance to high-potential small and medium-sized enterprises (SMEs) and select start-ups. Their mission is to create meaningful change by fostering businesses that offer impactful solutions while generating long-term value for investors and global communities. Aakash Emprise takes a long-term view on building companies with a positive societal or environmental impact, focusing on sectors essential to society such as education, healthcare, wellness, food, and energy.The firm was founded in 2021 by Mr. Aakash Chaudhry, who brings extensive experience from his role as Co-founder, Managing Director, and CEO of Aakash Educational Services Limited (AESL) until 2023. Prior to his tenure at AESL, Mr. Chaudhry worked with leading IT companies like Infosys Technologies and Cognizant Technology Solutions. Aakash Emprise operates as his family office, through which he makes investments in private and public markets. He is also currently leading Aakash Life, a healthcare, beauty, and wellness retail business, and Sparkl Eduventures Pvt. Ltd., an online tutoring venture.Aakash Emprise's portfolio includes notable investments across various sectors. Key portfolio companies and successful exits include Simplilearn, an online training and professional certification course provider, and VLCC, an operator of wellness and beauty services centers, both of which have been acquired. Other investments include Bombay Shaving, Heyo, Dextres, Xume, Yuno Learning, Plutos ONE, HONO, Inc42, National Stock Exchange of India (NSE), and Xyone. These investments span areas from online education and personal care to financial technology, human capital management, and biotechnology.The team at Aakash Emprise, led by Mr. Aakash Chaudhry, leverages decades of experience in building and growing large enterprises. Mr. Chaudhry's background in education and IT, coupled with his strategic vision, enables the firm to offer tailored advice and comprehensive support to its portfolio companies. The firm emphasizes partnership development, forging strategic alliances with industry experts, investors, and thought leaders to provide resources and mentorship, empowering entrepreneurs to thrive and turn innovative ideas into successful ventures. The team, comprising 7 members including 2 partners and 1 principal, is committed to developing and implementing socially and environmentally responsible practices across all business development areas.

Aarii Ventures is the distinguished multi-asset investment office of the Kothari Family, known for their leadership in India's bullion industry through the Arvog, Augmont, and Aranath Groups. The firm manages proprietary capital and is dedicated to empowering exceptional founders and management teams throughout their entrepreneurial journeys. While maintaining a sector and stage-agnostic approach, Aarii Ventures focuses on key areas such as Fintech, Technology, Deep Tech, Greentech, D2C Brands, Health & Wellness, Real Estate & Logistics, Financials, Consumer, and Healthcare. They engage in direct investments in startups, pre-IPO companies, and publicly listed firms, and also act as a Limited Partner (LP) in Private Equity and Venture Capital Funds.Founded in 2023 and headquartered in Mumbai, India, Aarii Ventures was established to leverage the Kothari family's extensive business legacy and financial acumen. The family's group companies, including RSBL and Augmont Group, boast a turnover exceeding $4 billion. The firm's mission is to foster strong partnerships and provide strategic guidance, resources, and support to visionary entrepreneurs, helping them navigate the investment landscape and achieve significant growth.Aarii Ventures has built a diverse portfolio of over 70 companies, demonstrating a wide-ranging investment strategy. Notable portfolio companies include InCred, which has achieved unicorn status, Blu-Smart, HDFC securities, 63SATS, ShreeTech, NetAmbit, CreditWise Capital, Spoon of Love, Dhruva Space, CoRover.ai, ARIV, 6D Technologies, AjnaLens, Aagey, Strata, GetVantage, India Gold, and Tap Invest. The firm's investments have led to significant outcomes, with its portfolio seeing one unicorn, three IPOs, and four acquisitions.The leadership team at Aarii Ventures brings a wealth of experience and expertise. Ketan Kothari and Priyank Kothari, both Directors, carry a multi-generational legacy in entrepreneurship and possess deep knowledge in financial services and fintech. Ketan Kothari, with a Master's in Finance and Investments, has been instrumental in pioneering innovative products in the bullion and financial sectors. Priyank Kothari, holding a Master's in Entrepreneurship, Innovation, and Enterprise Development, is recognized for his hands-on involvement with portfolio companies. Sagar Nishar, the Chief Investment Officer, has a strong academic background and a proven track record in investment and strategy, including a significant role in the sale of Arvog Forex to Revolut. The team is further strengthened by professionals in investment, accounts, and legal capacities, ensuring comprehensive support for their ventures.

Abhinandan Ventures is an investment firm that operates as a collective of high-growth, new-age businesses, focusing on backing ambitious ideas and transforming them into category-disrupting entities. The firm deploys unlevered and patient proprietary capital with a strong emphasis on value creation. They invest in listed companies and support early-stage entrepreneurs within the consumer sector, aiming to build successful brands and businesses for the future. Their approach involves propelling competent teams to become market leaders and generate significant returns for all stakeholders through sustainable growth.The firm's origins trace back to 2015 when Lodha Ventures was founded, later rebranding to Abhinandan Ventures. This rebranding, which occurred around May 2025, aimed to align the company's identity with its innovation-driven ethos and distinguish it from previous affiliations. Abhinandan Lodha, the Chairman, also founded The House of Abhinandan Lodha (HoABL) in 2020, a prominent branded land developer, and leads Tomorrow Capital Private Equity Fund, established in 2018. The firm emphasizes a tech-driven, consumer-centric approach, with a focus on opportunities in non-urban locations across India.Abhinandan Ventures' ecosystem includes a diverse portfolio of companies such as Tomorrow Capital, The House of Abhinandan Lodha (HoABL), Bonito Designs, Growth Housing, Rising India School of Excellence, Miros Hotels & Resorts, Easiloan, and Sheetal Foundation. Notable investments include Rising India, an education provider, and Miros Hotels, a hospitality venture. The firm aims to turn its ventures into 'Unicorns' within five years, fostering a culture of high performance and data-driven decision-making.The leadership team at Abhinandan Ventures includes Chairman Abhinandan Lodha, who brings an MBA from Cardiff University and a strong entrepreneurial background. Pritam Bisht serves as the Group Head of Strategy, Incubation & Transformation, with over 15 years of experience in real estate and expertise in deal structuring and brand management. Ashokkumar Tiwari is the Group Finance Controller, a qualified CA with nearly two decades of experience across venture capital, real estate, NBFC, and edu-tech sectors. Other key members include Aravind Balajee (Group Head – Legal & Compliance), Sandeep Saxena (Chief Investment Officer), and Mahesh Shah (President – Corporate Communications).

Founded in 1984, Advent International is one of the largest and most experienced global private equity firms. With decades of industry leadership, it has established a strong track record of successful investments and deep sector expertise. Advent has invested in over 420 private equity transactions across 43 countries. The firm partners with management teams to accelerate growth through strategic support, operational improvement, and long-term vision alignment. With $94 billion in assets under management as of December 31, 2023, Advent primarily focuses on buyouts and growth equity investments across five key sectors, maintaining a flexible and globally integrated approach.

AT Capital Group is a prominent family office headquartered in Singapore, specializing in actively managed businesses and passive financial investments. The firm distinguishes itself from traditional private equity models by deploying its own funds, which grants it full autonomy over investment choices and durations. AT Capital Group focuses on creating value for all stakeholders by investing in sustainable businesses and taking an active role in their strategic management, leveraging its domain knowledge and global networks to help companies achieve their full potential.The firm was founded by Mr. Arvind Tiku, whose family trust is the sole owner of AT Capital Group. Mr. Tiku is an experienced entrepreneur and investor with a background in building international businesses across various sectors. While the exact founding year of the broader family office is not explicitly stated on its website, the legal entity, AT Capital Pte. Ltd., was established in 2011. The group maintains a significant global presence with over 400 employees and offices in India, Singapore, Dubai, and the Netherlands.AT Capital Group's investment strategy targets both public market securities, including debt, equity, metals, and other liquid assets, and strategic mid- to long-term investments. Its primary focus areas include Real Estate, Renewable Energy, Private & Structured Credit, and Public Markets. The firm also actively evaluates venture capital opportunities in high-potential startups and promising young companies, with recent portfolio additions such as BlueStone, Frendy, and ObvioHealth. Their real estate portfolio spans various geographies, including India, Europe, and the US, encompassing green-field development projects, commercial and retail assets, and supermarkets. Notable European real estate investments include projects in Amsterdam, Rijswijk, Haarlem, Paris, and Warsaw.The team at AT Capital Group comprises experienced professionals with diverse backgrounds in investment and finance. Key individuals include Arvind Tiku as Founder and Group Chairman, Sanjay Bakliwal as Director with extensive experience in real estate, financial services, and renewable energy, and Hywel Phillip as General Counsel. The firm is committed to ethical business practices, robust corporate governance, and environmental and social responsibility, aligning its ESG principles with the United Nations-backed framework for Principles for Responsible Investment.

Berggruen Holdings is a global investment firm that serves as the direct investment vehicle of the Nicolas Berggruen Charitable Trust. The firm deploys proprietary capital across a diverse range of industries, continents, and asset classes, including direct private equity, real estate, alternative energy, financial instruments, and basic industry startups. They are known for their long-term, value-oriented investment approach, often building their portfolio organically through acquisitions and strategic partnerships. Berggruen Holdings is prepared to invest up to $200 million in a single transaction, demonstrating significant financial capacity and flexibility due to operating without external capital commitments or fund structures.Founded in 1984 by Nicolas Berggruen, the firm originated from his early investments in real estate and public stocks, utilizing his trust fund. Over the past two decades, Berggruen Holdings has made hundreds of investments globally, expanding into private equity, venture capital, and hedge funds. Nicolas Berggruen, a German-American billionaire investor and philanthropist, established the firm to manage his investments and later co-founded the Berggruen Institute, a non-profit think tank focused on governance, economic systems, and technology.The firm's portfolio showcases a wide array of investments. Notable recent ventures include Chemify (2025) in the healthcare sector, and earlier investments in Story (2023), iLoF (2022), and prePO (2022) in seed and Series A rounds. Berggruen Holdings has also made significant acquisitions such as TLC Companies (2019) and has a strong presence in real estate, including a partnership with Firebird Grove for multi-family properties in New York City (2020) and extensive holdings in Berlin and Portland, Oregon. Other past investments span diverse areas like International Education Corporation, Thunder Funding (transportation factoring), and Telnic (a TLD operator).Berggruen Holdings is led by a seasoned team, with Nicolas Berggruen as Investment Advisor and Justin Topilow as Chief Executive Officer. The leadership also includes Koonal Gandhi as Chief Investment Officer and Eleanor Hsu as Managing Director of Investments. The team's global reach is evident through Managing Directors specializing in regions such as Global Real Estate, Germany, Europe, France, Turkey, and India, reflecting the firm's diversified international investment strategy and expertise across various asset classes and geographic markets.

Chona Family Office is a dynamic venture capital firm and active single-family office established in 2018. Based in Mumbai, India, the firm is managed by Ankit Chona and operates with a sector-agnostic investment philosophy, demonstrating a strategic approach to navigating the evolving startup ecosystem. They focus on fostering diversity across various sectors and founder backgrounds, positioning themselves as a significant force in driving innovation and economic growth within the Indian private markets.The firm's investment strategy is broad, encompassing various asset classes including private equity, venture capital, real estate, and fixed income. Chona Family Office actively seeks opportunities across diverse industries such as spacetech, e-commerce, edtech, EV charging, agritech and farming, and mobile applications. Their portfolio includes notable companies like Nykaa, iDfy, IndiaMart, Frido, Gramophone, Haus & Kinder, and Postcard, reflecting their commitment to supporting promising startups.While Chona Family Office was established in 2018, it is associated with the broader Chona group, which includes Chona Financial Services Limited (CFSL), incorporated in 1995 in Chennai. CFSL primarily focuses on stockbroking services and portfolio management in the equity market. The Family Office, under Ankit Chona's leadership, represents a dedicated arm for private market investments, expanding the family's legacy of wealth creation and financial services into the venture capital landscape.Ankit Chona, who leads the Chona Family Office, is an entrepreneur and angel investor. His vision has been instrumental in expanding the firm's portfolio across diverse sectors. The team's expertise lies in providing unbiased investment advice, structuring tailored investment plans, ensuring portfolio diversification to minimize risk, and continuous monitoring and management of investments.

DIG Investment is an international private investment group established in 2011, originating from a private family office. The firm focuses on backing transformative, future-shaping companies across private markets, providing both growth and transitional capital. They are dedicated to supporting category-defining businesses that address pressing global challenges and redefine industries, with a particular interest in strong secular growth markets and disruptive innovations. The firm emphasizes embedding sustainability and responsible growth into every business they support.Founded by a private family office in 2011, DIG Investment initially served a select global network of family offices. Over more than a decade, the firm has evolved into a leading investment platform for the global family office community, leveraging its reputation and extensive industry relationships to access exclusive investment opportunities. Their vision is to deliver consistent, sustainable long-term returns by partnering with generational businesses at the forefront of their sectors.The investment strategy of DIG Investment spans the full company lifecycle, from early-stage innovators to global scale-ups, with a primary focus on growth. They typically acquire non-controlling minority stakes and act as transitional capital providers, with an average holding period of approximately five years. The firm employs a "Land and Expand" strategy, beginning with an initial small investment and deploying follow-on capital as companies demonstrate strong performance and achieve milestones. Notable portfolio companies include unicorns like OYO and Ola.DIG Investment operates as a Scandinavian firm with a significant international presence, maintaining main offices in Sweden and Denmark, and partnership offices across Europe, North America, and Asia. The firm invests alongside reputable family offices, experienced operators, and capital providers globally, aiming for a target net IRR of +25% and having invested $1 billion in capital. They boast a network of 300 active investors and a 5% co-invest ratio, highlighting their collaborative approach to investment.

Aarii Ventures is a dynamic family office that manages the proprietary capital of the esteemed Kothari family, known for their leadership in India's bullion industry through the RSBL and Augmont Group, with a group turnover exceeding $8 billion. The firm operates as a multi-asset investment entity, strategically engaging in direct investments across private enterprises, including startups and pre-IPO companies, as well as publicly listed firms through Portfolio Management Services (PMS). Aarii Ventures also acts as a Limited Partner (LP) in Private Equity and Venture Capital Funds, demonstrating a comprehensive approach to wealth management and growth.Founded in 2023, Aarii Ventures was established to empower visionary entrepreneurs and foster groundbreaking journeys across diverse industries. The firm is committed to collaborating with founders from the earliest stages of their ventures, providing strategic guidance, expertise, and capital to help them achieve product-market fit and navigate the complexities of early scaling. With a long-term investment horizon of eight to ten years, Aarii Ventures aligns its dedication with the founders' vision, backing bold ambitions to create lasting impact.Aarii Ventures maintains a sector-agnostic approach while showing particular interest in high-growth areas such as Fintech, Technology, Deep Tech, Greentech, D2C Brands, Health & Wellness, Real Estate, and Logistics. Their portfolio includes investments in companies like InCred, Blu-Smart, and HDFC securities, showcasing a diverse range of interests from financial services to electric vehicle fleets and online trading platforms. The firm's investment stages primarily span from Pre-Seed and Seed to Series A and Series B rounds, with a strong focus on companies based in India, and a presence extending to the UAE and Singapore.The team at Aarii Ventures comprises experienced professionals led by Directors Ketan Kothari and Priyank Kothari, who bring a legacy of entrepreneurship and expertise in financial services and fintech. Ketan Kothari, with a background in Gold & Commodities and Financial Services, has been instrumental in launching innovative products in the bullion industry. Priyank Kothari, also a Director, leads operations at Arvog, a fintech company, and is recognized for his hands-on approach with portfolio companies. The investment team also includes Sagar Nishar as Chief Investment Officer, along with a dedicated group of associates and analysts, all contributing to the firm's strategic investment decisions and operational support for its portfolio companies.

DSP Family Office operates as a division within the broader DSP Group, a venerable financial services firm with a legacy spanning over 160 years, tracing its origins back to a stockbroking business established in the 1860s. The group has played a significant role in the development of India's capital markets, including being instrumental in the founding of the Bombay Stock Exchange. While the DSP Mutual Fund was formally established in 1996, the family office function leverages the extensive experience and network of the entire DSP Group to manage capital for global clients, including other family offices, sovereign wealth funds, pension funds, and institutional investors seeking exposure to the Indian market.The firm offers a diverse range of investment avenues, encompassing listed equities (public equity, fixed income, hedge funds, and co-investments) and private market opportunities, specifically focusing on pre-IPO and late-stage private companies. Their investment philosophy emphasizes patience, embracing volatility, and identifying capital-efficient businesses led by capable management teams for long-term wealth creation. DSP Family Office is an active investor, particularly in Seed and Series A rounds within India, with a strategic focus on sectors such as Financial Services & Fintech, Artificial Intelligence, Enterprise Applications, Agritech, Real Estate, Education, and Consumer goods.Notable investments by DSP Group Family Office include Finarkein Analytics, a provider of financial data management technology; SaveSage, a platform for saving strategies and credit card rewards; SupplyNote, offering restaurant operations management solutions; ZET, a credit score builder service; Zapkey, an online platform for property data; Nprep, providing nursing exam preparation resources; and natch, a brand for natural snacks. The firm's investment process is characterized by in-depth research, extensive interaction with companies and industry experts, and a strong focus on profitability, return on equity, and ESG considerations.The leadership team includes experienced professionals such as Vinit Sambre, Chief Investment Officer and Head of Equities, and Jay Kothari, Lead Investment Strategist & Head - International Business. Aditi Kothari Desai serves as the Chairperson, overseeing a team that brings decades of experience in asset management and a deep understanding of the Indian market. The firm's commitment to responsible investment is evident through its integration of ESG frameworks into its portfolios and its signatory status to UNPRI.

Enam Holdings is a privately managed principal investment group with a distinguished 30-year legacy in the Indian capital markets. The firm operates as a family office, deploying unlevered proprietary capital for long-term investments in both publicly listed companies and promising private ventures. Their investment philosophy is rooted in value-based and relationship-oriented principles, emphasizing fundamental, bottoms-up research to identify businesses with sustainable competitive advantages and strong execution capabilities. A critical aspect of their evaluation process is a keen focus on the quality of management teams and robust governance frameworks. Notably, Enam Holdings adheres to an ethical investment policy, abstaining from businesses involved in intoxication, gambling, or activities harmful to living creatures.The Enam Group was co-founded in 1984 by Mr. Vallabh Bhanshali and Mr. Nemish Shah, who are recognized as pioneers in Indian finance and investment research. Mr. Bhanshali is an internationally renowned investment banker, venture capitalist, and capital market expert, while Mr. Shah is credited with pioneering investment research in India and is also a devoted philanthropist, having established the Foundation for Liberal and Management Education (FLAME). The firm's leadership team, including Akash Bhanshali who leads principal investments, and Manish Chokhani, a respected financial advisor, brings extensive experience in identifying and nurturing growth-oriented businesses across diverse industries.Enam Holdings has a diverse portfolio of investments, backing a range of companies across various stages. Notable investments include stakes in consumer brands like Neemans and Arrivae, as well as companies in the electric vehicle sector such as EKA Mobility. The firm has also made strategic investments in the healthcare sector, exemplified by its minority equity investment in Omega Healthcare. Furthermore, Enam Holdings has demonstrated its commitment to sustainable initiatives through a joint venture with Liberty Mutual in the renewable energy sector. Their investment activities span from seed-stage funding to later-stage Series B and Series C rounds, often co-investing with other funds.The management team at Enam Holdings comprises seasoned professionals with deep expertise in investment banking, asset management, and capital markets. Key individuals like Jiten Doshi, Co-founder and CIO of Enam Asset Management Company, and Sridhar Sivaram, an investment management veteran, contribute to the firm's analytical rigor and strategic vision. The team's collective experience and long-standing relationships within the Indian business landscape enable them to provide not only capital but also strategic guidance to their portfolio companies, fostering long-term value creation and growth.

Eragon Ventures is a single family office established by the former promoters of J.B. Chemicals and Pharmaceuticals. The firm is dedicated to investing long-term patient capital across various asset classes, aiming to support founders at different stages of their entrepreneurial journey. Their investment philosophy is rooted in the family's values, risk appetite, and a commitment to sustainable wealth preservation and growth.The firm was founded in 2021 by Pranabh Mody, following the sale of J.B. Chemicals and Pharmaceuticals to KKR in 2020. Eragon Ventures' mission is to ethically and sustainably grow the family's wealth and legacy through strategic investment decisions. They actively seek to partner with companies that add value to India and its people, believing strongly in the entrepreneurial talent fostered within the country.Eragon Ventures focuses its investments primarily in the Healthtech, Sustainability, and Technology sectors. Their portfolio includes companies like Dozee (continuous patient monitoring with AI), Veeda Life Sciences (CRO with AI for drug discovery), I2Pure (molecular Iodine healthcare solutions), OneCell.Ai (AI-based cancer diagnostics), Neural Hive Technologies (AI for digital dentistry), Partex (AI for pharmaceutical asset monetization), Galaxeye (multi-sensor imaging satellites), Leverage Edu (Edtech), and Hosteller (backpacking hostels in India). The firm emphasizes a flexible and dynamic approach, not being bound by conventional deal and fund structures, and provides strategic resources to its portfolio companies.The leadership team at Eragon Ventures includes Pranabh Mody as Managing Director, who oversees investments across various asset classes. Sharan Asher serves as Director, with a particular focus on Private Equity and Venture Capital. Shivani Vishwanathan heads listed equities research, and Devendra Khedekar manages Finance, Accounting, and Operations, bringing extensive experience from J.B. Chemicals and Pharmaceuticals.

Gaja Capital is a prominent private equity firm based in Mumbai, India, specializing in partnering with entrepreneurs to build leading businesses within India's mid-market segment. The firm employs a differentiated, alpha-oriented strategy, focusing on high-growth sectors such as digital technology, consumer, financial services, and education. Their investment approach centers on identifying potential in companies through systematic coverage and providing strategic input beyond just capital, focusing on scale, transformation, and partnership to foster real and lasting growth.The firm was incorporated in 1999, with co-founder Gopal Jain serving as a director since its inception. Gaja Capital formally established its investment activities around 2004, evolving into one of India's leading alternative asset management firms. The firm is committed to responsible investing, having adopted ESG standards in its investment approach in 2015 and becoming a signatory to the Principles for Responsible Investment (PRI) in 2022.Gaja Capital boasts a diverse and impactful portfolio of investments across its target sectors. Notable past and current portfolio companies include Fractal Analytics, RBL Bank, TeamLease, Avendus, Xpressbees, Educational Initiatives, Signzy, EuroKids, John Distilleries, and Lighthouse Learning. More recently, the firm has made investments in companies like Eggoz, a branded egg business, and Weaver Services, an affordable housing finance firm that is acquiring Centrum Housing Finance. These investments highlight Gaja Capital's focus on growth-stage and buyout deals within India's dynamic mid-market.The firm is led by an experienced team of professionals with a strong track record in alternative asset management in India. Key leadership includes Upendra Kumar Sinha as Non-executive Chairman, Ranjit Jayant Shah as Executive Vice-chairman, and Gopal Jain as Managing Director & Chief Executive Officer. Imran Jafar serves as Executive Director, overseeing investment activities and operations. The team's blend of investing and operational expertise allows Gaja Capital to deliver tangible value and strategic support to its partner entrepreneurs, fostering business development, senior-level hiring, improved governance, and fundraising efforts.

Jump Trading is a prominent global proprietary trading firm specializing in algorithmic and high-frequency trading strategies across a wide array of asset classes, including futures, options, equities, and cryptocurrencies. The firm leverages advanced research, sophisticated infrastructure, and a culture of innovation to develop and deploy scalable trading models. Their operations are deeply rooted in technological advancement, utilizing AI/ML stacks for real-time inference and custom hardware solutions to maintain a competitive edge in global financial markets.Founded in 1999 by former Chicago Mercantile Exchange (CME) pit traders Paul Gurinas and Bill DiSomma, Jump Trading transitioned from open-outcry trading to become a leader in electronic markets. The founders recognized the future trend of automated trading and invested heavily in technology and infrastructure. Over two decades, the firm has evolved into a powerhouse of traders, engineers, and researchers dedicated to solving complex problems in the financial world.Beyond its core trading activities, Jump Trading has diversified its interests through affiliated entities. Jump Capital, established in 2012, operates as a venture capital firm investing in data-driven technology companies across sectors such as financial technology, IT and data infrastructure, B2B SaaS, and media. Jump Crypto, formally launched in 2021, focuses on venture investing, market making, and infrastructure development within the blockchain, cryptocurrency, and Web3 ecosystems, with notable involvement in projects like Solana, Wormhole, and various DeFi and NFT initiatives. The firm's investment approach is characterized by a commitment to scientific rigor and technological innovation.Jump Trading fosters a collaborative environment where cross-disciplinary teams work from first principles to develop robust models and systems. The firm actively recruits top talent in mathematics, physics, and computer science, providing a platform for professionals and new graduates to engage with challenging, real-world problems in finance and technology. Their team expertise spans quantitative research, software engineering, and custom hardware development, all aimed at enhancing their trading capabilities and broader technological ventures.

Invexa Capital LLP, also known as Madhu Kela Family Office, is an India-focused boutique investment vehicle providing investment advisory services to select Accredited Investors. The firm specializes in identifying and executing differentiated investment opportunities across various sectors, themes, and asset classes. Invexa Capital is known for its size-agnostic approach, generally preferring concentrated, medium-term bets with a typical holding period of 2-4 years. Their investment philosophy combines macro insights and thematic analysis with rigorous bottom-up investing, focusing on absolute, risk-adjusted returns.The firm was established on April 27, 2020, by Madhusudan Kela, one of the most eminent and seasoned investors in the Indian Capital Markets with a career spanning three decades. Prior to founding Invexa Capital, Madhu Kela held a significant role at Reliance Group, where he built and led a team that managed India's largest Asset Management Company by total AUM. He is a prominent voice in Indian Equities, frequently invited to strategic industry forums and policy think tanks. Madhu Kela's passion for investing drives the firm's pursuit of entrepreneurs and businesses demonstrating vision, execution capabilities, and a hunger to succeed.While Invexa Capital LLP provides advisory services, Madhu Kela's personal investment portfolio, which aligns with the family office's broader strategy, showcases a diverse range of notable investments. These include stakes in companies like Furlenco (Series D), Akasa Air (Series A), Syska (Seed), and Shyam Metalics (Post IPO). Other significant holdings span sectors such as financial services (Choice International, Indostar Capital Finance, ICICI Prudential Asset Management), technology (Nazara Technologies), manufacturing (Windsor Machines), and renewable energy (Waaree Energies).The Invexa Capital team brings extensive experience to the table. Key members include Tushar Bohra, Sumit Bhalotia, and Siddharth Shah, all of whom have over a decade of experience in consulting, investing, equity research, and fund management, with prior stints at prominent financial institutions like Reliance Capital Ltd. Sunny Gosar contributes expertise in equity research and management consulting, while Ayushi Shah serves as the Compliance Officer, ensuring adherence to regulatory frameworks. The team's collective expertise underpins the firm's differentiated investment style, which includes leveraging a strong network of experts across various sectors.

Mafatlal Family Office is the investment arm of the Arvind Mafatlal Group, a 120-year-old Indian conglomerate with a diverse business portfolio. The family office is dedicated to managing and growing the Mafatlal family's wealth through strategic investments in public markets, private equity, and alternative assets. While maintaining a sector-agnostic approach, the firm actively seeks out early-stage companies with innovative ideas and disruptive potential, particularly those that can leverage the group's extensive experience and network. They aim to create long-term value for the family, unconstrained by the typical limitations of traditional fund structures.The Arvind Mafatlal Group was founded in 1905 by Mr. Gagalbhai Mafatlal, initially establishing textile mills in Ahmedabad. Over five generations, the group has expanded significantly, diversifying into various industries including chemicals, information technology, plastics, finance, engineering, education technology, and health & hygiene. The Mafatlal Family Office operates as part of the Chairman's office, with Mr. Hrishikesh Mafatlal leading its objectives to ensure stability and growth for current and future generations of the family.The Mafatlal Family Office has demonstrated its investment focus by backing early-stage companies, primarily in India. Notable investments include a $1 million Seed round in NFTically in 2023, a company operating in the blockchain and high-tech space, and an investment in Avenue Growth in 2021. The firm frequently co-invests with other funds and angel investors, such as Spartan Group and Blockchain Founders Fund, indicating a collaborative approach to deal-making and a focus on emerging technologies like Web3 and blockchain.The investment team is led by experienced professionals from the Arvind Mafatlal Group. Mr. Hrishikesh Mafatlal, Chairman of the Arvind Mafatlal Group, guides the family office's overall strategy. Mr. Priyavrata Mafatlal, CEO and MD of the Arvind Mafatlal Group, is instrumental in driving new-age growth strategies for the conglomerate and is an active angel investor. Saurabh Agrawal serves as the Chief Strategist and Investment Officer, responsible for building the investment portfolio, designing the governance framework, investment policy, and strategic asset allocation, drawing on two decades of advisory and consulting experience with large families.

The Mahansaria Family Office is a single-family office based in Mumbai, India, overseeing the diverse investments of the Mahansaria family, comprising Mr. Ashok Mahansaria and Mr. Yogesh Mahansaria. The family has a strong legacy of successfully establishing and scaling global businesses, particularly within the off-highway tire industry. Their core strengths lie in strategy and organization development, project design and execution, world-class manufacturing, and establishing global sales and distribution networks.The firm is an active participant in India's startup ecosystem, engaging in both direct venture investments and investments in reputed Venture Capital and Private Equity funds. While generally sector-agnostic, they prioritize ventures that address large, well-defined market opportunities with clear paths to profitability and sustainable competitive advantages. They typically invest in post-revenue companies with significant market validation and often co-invest alongside other credible investors. The Mahansaria Family Office emphasizes providing patient capital and supporting investee companies through various stages of their entrepreneurial journey.The Mahansaria Family Office's portfolio spans a wide array of sectors and stages. Notable direct and indirect investments include Mahansaria Tyres Private Limited (MTPL), Ascenso Tyres, Reise Moto, Avendus Capital, FSN E-Commerce Ventures Pvt Ltd (Nykaa), GrayQuest, JustDeliveries, InsuranceDekho, and ASG Eye Hospital. Their investment strategy is diverse, encompassing private equity, venture capital, real estate, infrastructure, and fixed income, with a focus on various stages from seed to pre-IPO, buyout, turnaround, and distressed investments.The principals, Mr. Ashok Mahansaria and Mr. Yogesh Mahansaria, bring extensive entrepreneurial experience, having built several global ventures from scratch. Yogesh Mahansaria, for instance, was recognized as the EY Entrepreneur of the Year – Manufacturing in 2014 and has served on the boards of successful startups like Nykaa and Avendus Capital. Their expertise allows them to offer seasoned perspectives, act as a sounding board for entrepreneurs, and leverage their networks to connect founders with relevant experts and partners. The group also places a strong emphasis on critical areas such as Compliance, Corporate Governance, and Risk Management within their operations and portfolio companies.

Mutares SE & Co. KGaA, founded in 2008 and headquartered in Munich, Germany, is a publicly traded industrial holding and private equity investor specializing in carve‑outs and turnaround situations. The firm targets medium‑sized companies with revenues typically between €50 million and €750 million, aiming to leverage operational transformation to drive long‑term growth. Organized into four segments—Automotive & Mobility, Engineering & Technology, Goods & Services, and Retail & Food—Mutares actively develops and restructures its portfolio through hands‑on management and dedicated in‑house teams. As of December 31, 2024, it holds 32 operating investments globally, employing over 29,000 people and generating consolidated revenue of approximately €4.72 billion. Governed under a dual‑board structure in Munich, Mutares emphasizes strong corporate governance, ESG principles, and sustainable shareholder value—paying annual dividends and maintaining transparent reporting through quarterly updates and non‑financial disclosures.

The Narotam Sekhsaria Family Office (NSFO) is a single-family office established in 2006 by one of India's leading business families, the Sekhsarias. The firm is dedicated to ably and responsibly investing the family's wealth, focusing on long-term partnerships with enterprises led by world-class teams. NSFO seeks out companies that are disruptive, establish new business paradigms, or pioneer services for untapped markets, providing both financial and strategic support to accelerate their growth.The Sekhsaria family boasts a century-long history of building class-leading enterprises across diverse sectors, including commodities trading, cement, equity markets, and technology. Mr. Narotam Sekhsaria, Chairman Emeritus of Ambuja Cements Ltd., founded Ambuja Cements in 1983, transforming it into one of the world's most efficient cement producers. The family's deep operational experience informs NSFO's 'patient capital' approach, emphasizing wealth preservation and sustainable growth for future generations.NSFO's investment strategy spans public markets, commodities, private equity, and real estate. The firm has significant investments across a wide array of sectors, including financial services, technology, human capital, consumer brands, infrastructure, pharmaceuticals, oil, gas and energy, logistics, supply chain management, capital goods, retail, and automotive. Notable investment areas also include AI, machine learning, agritech, farming, and apps.The leadership team at NSFO comprises experienced industry leaders, including key family members who are deeply involved in the running of its investment companies. Pulkit Sekhsaria serves as Managing Director, and Janardhan Sekhsaria is a Director. Other key team members include Darshan Engineer (CIO, Listed Equities), Narayanan Venkitraman (Private Equity), Victor Martinez Angles (Global Operations), Rajaram Prabhu (Commodity Trading), and Vinod Gattani (Chief Financial Officer).

Negen Capital Services Private Limited, operating as Negen Capital PMS, is a Mumbai-based investment management firm specializing in Portfolio Management Services (PMS) and Alternative Investment Funds (AIF). The firm focuses on sustainable value creation through a combination of growth investing and special situation investing. They primarily target smallcap and midcap companies, identifying undervalued opportunities that arise from market inefficiencies and corporate actions such as demergers, spin-offs, mergers, open offers, promoter changes, and restructuring events. Negen Capital also emphasizes investing in technology-driven businesses and mega-trends, while strategically avoiding public sector undertakings (PSUs) and cyclical investments. Their investment philosophy prioritizes debt-free businesses with high Return on Invested Capital (RoIC) and strong free cash flow.Negen Capital PMS was officially launched in November 2017, although the legal entity, Negen Capital Services Private Limited, was incorporated in June 2007. The firm was founded by Neil Bahal, a seasoned investment professional with over two decades of experience in the Indian equity market. Bahal's passion for investing, which began at a young age, shaped his vision for creating a distinctive PMS strategy that capitalizes on special situations and technology-driven growth opportunities. He believes that special situations can act as short-term catalysts, while technology companies provide sustainable and compounding growth, helping to generate alpha returns and build resilient portfolios.The firm manages a diverse portfolio across its PMS and AIF platforms. As of the latest reports, Negen Capital's total Assets Under Management (AUM) stands at ₹2,400 crore, encompassing its various investment products. Notable examples of companies that have been part of their portfolio include Sapphire Foods India Ltd, Camlin Fine Sciences Ltd, Piramal Enterprises Ltd, Cholamandalam Investments and Finance Ltd, and Sundaram Clayton. Through its Alternative Investment Funds, Negen Capital also engages in pre-IPO investments and anchor allocations in initial public offerings (IPOs).The team at Negen Capital comprises experienced professionals led by Founder and Fund Manager Neil Bahal. Jigar Dinesh Shah serves as a Director and Fund Manager for the Negen Undiscovered Value Fund, a Category III AIF, bringing over 16 years of capital markets experience. Yogen Lavari is the Compliance Officer. The firm is committed to professionalism, transparency, and safety, aiming to deliver consistent profits for its clients across various market conditions. They are known for their research-driven approach and disciplined risk management, offering a unique blend of event-driven opportunities and future-ready technology investments.